FAQ  |  Search  |  Memberlist  |  Usergroups   |  Register  |  Profile  |  Log in to check your private messages  |  Log in 

 Employee View next topic
View previous topic



Post new topicReply to topic
Author Message
bakersfieldbubble
Dyn-o-mite!


Joined: 25 Jan 2007
Posts: 488

Employee
PostPosted: Thu Mar 01, 2007 9:04 pm Reply with quoteBack to top

This was posted on my blog by a former employee:


don@greatchesapeake.com said...

I was an employee of CPM/Ivanhoe Mortgage. I haven't seen anywhere yet where it has been disclosed that the sorry leaders of this company have stolen the funds from the 100 branches the operated under it. Funds were to be held in seperate accounts to be used for branch payrolls and expenses. It was our money. They also took the money that was to pay for our insurance policies and has now allowed the policies to lapse., with no COBRA offered. In there last "MEMO" Courson states that they have keeping us informed all along about money troubles, but doesn't say that he has been saying how well the transition was going and that it would be a seamless transition. This executive group has mislead, literally robbed it's employees, including the last payroll. They promised employees at the Orlando Ivanhoe Division severance packages but of course lied about that. I have never seen such a bunch of cowards in the business world as John Courson, John Cassell, Ed Fuchs, Paul Reich etc... Now they hide. If you happen to become an employee of any of these people in the future, BEWARE. They will steal from you and smile about it. Hopefully the law will catch up with them on this fiasco. Anyoe looking for anymore info on this situation can email me at don@greatchesapeake.com

Thu Mar 01, 11:42:00 AM PST

https://www2.blogger.com/comment.g?blogID=33255068&postID=2170011790548340889
View user's profileSend private messageVisit poster's website
jerzey
Flash in the pan


Joined: 27 Feb 2007
Posts: 76

Re: Employee
PostPosted: Thu Mar 01, 2007 9:36 pm Reply with quoteBack to top

WOW...speechless
View user's profileSend private message
UghMortgageBiz
Spontaneously Combusted


Joined: 12 Mar 2007
Posts: 2099

Re: Employee
PostPosted: Tue Mar 13, 2007 11:36 pm Reply with quoteBack to top

jerzey wrote:
WOW...speechless


Yeah, I was speechless when I lost my job with Ivanhoe/CPMC with no pay for my last two weeks, none of promised severance and over 1 week lost carryover vacation time.

Ivanhoe didn't even do subprime, it was all conforming and Alt A. All the subprime was brokered out, to of al places, NEW CENTURY LOL.

There are still many Ivanhoe employees that are looking for jobs, I was lucky enough to find one. Someone mentioned, in the Countywide thread, that the underwriters are to blame. BULLDOOKEY!

Underwriters were following corporate direction and following the guidelines of the investors. If the investor guidelines are fatally flawed and no one adjusts the product line on a corporate level, underwriters can't do anything about it.

The fact is, the Alt A investors out there come up with these guidelines that someone on Wall Street said were sound, and you could underwrite a file to them PERFECTLY and still get a buyback request due to EPD. The EPD may have been a result of fraud on the loan, but fraud isn't as easy to catch as one might think. There are some savvy brokers out there who can hide the fraud like nobody's business. You have NO IDEA how much fraud we caught! The sheer volume of it certainly leads one to believe that there is a lot that doesn't get caught.

I was appalled, coming from an A lender to an Alt A shop, when I saw that someone with a 620 credit score could buy an INVESTMENT property with 100% financing...ALT A! I thought, surely someone who wants to buy an investment property should be able to put at least 5% down. That's just CRAZY risk. Well, someone on wall street approved the guidelines and the SISA/SIVA/NINA/NIVA/No Ratio/No Doc documentation types. These risk types should have required much higher credit scores. Yes, Mr./Ms. borrower, we are going to reward your LOUSY credit history with 100% financing on the riskiest of home. Oh, and by the way, we don't need a damn thing from you.

I guess my point is, let's not blame the worker who were following corporate and investor guidance. Blame the investors for creating such risky programs, and the idiotic CEOs (John Courson) who didn't realize that they should change the direction of their companies business line when the EPDs started to rise. I mean, how can you not see it. Oh, that's right, GREED was blinding you.
View user's profileSend private message
kittygirl
Dud?


Joined: 08 Mar 2007
Posts: 8

Re: Employee
PostPosted: Wed Mar 14, 2007 12:12 am Reply with quoteBack to top

for those of us in the biz still waiting for our pink slips hopefully we won't be subject to the same treatment. Crying or Very sad
View user's profileSend private message
UghMortgageBiz
Spontaneously Combusted


Joined: 12 Mar 2007
Posts: 2099

Re: Employee
PostPosted: Wed Mar 14, 2007 12:18 am Reply with quoteBack to top

I sincerely hope not. It took me two weeks to find another job, which woulnd't have been bad if I had gotten paid from the last one.

So, in effect, I was not paid for a month, and have to wait to be paid from the new job. What a way to blow thorugh any savings.

Evil or Very Mad
View user's profileSend private message
Display posts from previous:      
Post new topicReply to topic


 Jump to:   


Merge topics 

View next topic
View previous topic
You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot vote in polls in this forum




Powered by phpBB 2.0.22-2 (Debian) © 2001, 2002 phpBB Group :: FI Theme :: All times are GMT